Big banks not offering best rates for savings accounts
Wednesday May 6, 2009
The major banks in Australia have been found to have lost over $1 billion in earnings over the last six months due to lower interest rates on savings accounts, according to research by financial comparison company InfoChoice.
Research has concluded that the majority of people are remaining with the four major banks instead of looking for the best interest rate for their savings accounts. The report concluded that while most Australians are now well versed in looking for the best credit card deal, they still stick with what they are most comfortable with security wise, despite the fact that all deposits are guaranteed by the Federal Government and AAA-rated, meaning now is an ideal time to look for the best deal.
InfoChoice estimated that approximately $144billion was currently sitting in banks and not earning the best possible rates.
The InfoChoice research found that NAB, Westpac and the Commonwealth were currently offering some of the worst rates available while the best rates were from OneDirect, Members Equity Bank, Elders Rural Bank and RaboPlus.
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